TI Cycles of India, part of the Rs 16,000-crore Murugappa group, today launched its indigenously developed carbon frame bicycle series, Montra, in Chennai.

It also plans to launch a battery-powered bicycle, Pedelec, to be priced below Rs 10,000, by May this year. Focusing on the urban adults, the company set a sales target of 1,500 units of Montra bikes in 2011-12.

The company has made an initial investment of Rs 10 crore for manufacture and sale of the product, said Raghuram Devarakonda, president (TI Cycles and BSA Motors), TI Cycles of India, a division of Tube Investments India Ltd.

“Globally, the bicycle industry has moved from steel frames to alloy and later to carbon frames. The usage of carbon helps to reduce the weight of the bicycle without compromising the strength of the frame, though the cost is comparatively higher. We have made Montra available at an attractive price in the premium segment in which the imported products may have higher prices,” said Devarakonda.

Montra series comes in variants including a complete carbon bicycle and built on alloy frame with carbon fork with different gear options. The price starts at Rs 21,000 for the alloy variants and Rs 60,000 for the carbon range.

The company is focusing on the mass premium bicycle market, in the price range of Rs 4,500 and Rs 15,000 per unit, and the premium range, priced Rs 15,000 and above, for future growth.